Generali UK has partnered with reinsurance software provider Supercede, as its reinsurance technology provider.
Supercede said its global reinsurance platform is the first purpose-built ReinsurTech platform that facilitates trade across the global reinsurance value chain.
It supports the entire reinsurance value chain for cedents who want better submission quality, brokers who want a better placement process, and reinsurers who want better access to risks and data.
As Generali’s reinsurance technology provider, Supercede will prepare and manage Generali UK’s reinsurance data, including data cleansing, preparation, and validation. According to Generali, this will significantly speed up the process and reduce manual processing time.
Generali UK Branch undertook a trial of the Supercede platform in autumn 2022, testing the software’s performance in preparing their January 2023 renewal data.
The internal reinsurance team were able to significantly reduce manual processing when preparing their submission data, using cutting-edge automation tools designed to standardise data into one consistent format.
Andy Parmenter, chief reinsurance officer, said, “There’s huge value in reducing manual processes when it comes to data cleansing, preparation, and validation. It’s nice to have my team able to work on other significant tasks without so much of their time taken up by spreadsheets. Supercede has given us a massive advantage in this regard. It will also allow our Line of Business Heads to analyse their portfolios at a much more granular level.”
Jerad Leigh, CEO of Supercede, added, “The most recent renewal season highlighted the importance of good data. Renewals went out later than usual, which meant time really was of the essence; every question a broker or an underwriter had about a cedent’s underlying data further delayed the process.
“We’ve built the Supercede platform to solve these problems and speed up the entire reinsurance process. Clear and accurate data is critical for any renewal, but even more so when working within a condensed time frame.”
Earlier this year, hyperexponential (hx), a SaaS pricing platform for insurers, partnered with Supercede to combine SaaS platforms to enable rapid reinsurance dealmaking.
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